Seoul stocks end 1.47 pct higher on tech, shipbuilder rallies

SEOUL, Dec. 3 (Yonhap) -- South Korean stocks finished 1.47 percent higher
Thursday as tech firms and shipbuilders advanced, led by institutional buying,
analysts said. The local currency declined against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) soared 23.37 points to
end at 1,615.00, extending its winning streak to a fourth session. Volume was
light at 267.2 million shares worth 4.3 trillion won (US$3.7 billion), with
gainers outnumbering losers 530 to 264.
The key index closed above the 1,600-mark for the first time since last Thursday
when debt problems in Dubai pummeled the local equity market. The market has
risen by a combined 6 percent over the last four sessions.
"The KOSPI returned to the recent high of 1,600 as shipyards and tech firms
bounced back from their sharp falls," said Lee Seung-woo, an analyst at Daewoo
Securities.
Institutional investors turned net buyers, snapping up 328.4 billion won worth of
shares.
Technology giant LG Electronics shot up 8.17 percent to 112,500 won on
expectations the consumer electronics maker's earnings will better than expected
in the fourth quarter.
Leading shipmaker Hyundai Heavy Industries jumped 4.92 percent to 160,000 won
amid rising shipping rates. Smaller rival Samsung Heavy Industries added 2.38
percent to 23,700 won.
Top steel producer POSCO gained 0.34 percent to 582,000 won a day after
announcing it has selected three brokerages to advise on its efforts to take over
Daewoo International.
Daewoo International, which is focused on overseas energy development, added 0.46
percent to end at 32,950 won.
No. 1 construction equipment maker Doosan Infracore shot up 3.7 percent to 16,800
after its Chinese unit said excavator sales in China are expected to hit a record
high this year due to rising demand.
Refiners ended lower after the nation's anti-trust regulator Thursday imposed a
combined 669 billion of fine on six local refiners for fixing prices of liquefied
petroleum gas over the last six years. Top refiner SK Energy fell 0.45 percent to
110,000 won and GS Holdings, the parent company of GS Caltex, dropped 1.11
percent to settle at 31,100 won.
The local currency ended at 1,155.3 won to the U.S. dollar, down 1.3 won from
Wednesday's close.
pbr@yna.co.kr
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